Harbours Act, 1996

• Permanent Page URL

Issue of shares to Minister and Minister for Finance, etc.

19.—(1) (a) The Minister, with the consent of the Minister for Finance and following consultation with the company concerned, shall issue, as soon as possible after the relevant vesting day, to a company a certificate certifying the sum which in the opinion of the Minister represents the value of the property transferred under section 96 to the company.

(b) A company shall, after receipt by it of a certificate as aforesaid, issue to the Minister, without payment by him or her, fully paid-up shares in the share capital of the company equal in nominal value to the sum certified in the certificate.

(c) A company shall issue to the Minister for Finance one share of one pound in the share capital of the company.

(d) The Minister for Finance may exercise in respect of his or her share in the share capital of a company all the rights and powers of a holder of such shares and,

where a right or power is exercisable by attorney, exercise it by his or her attorney.

(e) The cost of a share issued to the Minister for Finance as aforesaid shall be advanced to him or her out of the Central Fund or the growing produce thereof.

(f) The Minister for Finance shall not transfer or alienate his or her share in the share capital of a company.

(2) The Minister may, subject to this Act, exercise in respect of the shares of a company held by him or her all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his or her attorney.

(3) (a) The Minister may, from time to time as occasion requires for the purposes of compliance with so much of the Companies Acts as requires that there shall always be a minimum number of members of a company, transfer to any person one of his or her shares in the share capital of a company.

(b) Save as authorised by paragraph (a), the Minister shall not transfer or alienate his or her shares in the share capital of a company.